Hong Kong’s reputation as a top-tier global financial hub has taken another hit. A recent US advisory is urging American companies operating there to consider the legal and regulatory risks they may face, including possible sanctions violations. Doing business in the city, the alert argues, is the same as operating on the mainland, because of the similarities Hong Kong’s national security laws share with Chinese legislation.
That is increasingly true, but the hub’s story as a financial center isn’t over — it’s just different. Hong Kong’s authorities must accept that it no longer plays the role it used to as a key pillar of the US-led Western world order. It’s future is firmly with China, and by default, with countries like Russia.
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